Page 58 - Strategic Planning for Law Firms

Strategic Planning for Law Firms
you track external client writedowns and lessen them? Do you track the outcomes of appeals of writedowns?
Do you insist that your lawyers and paralegals enter their time promptly? Do you insist that your partners get bills out promptly? Do you have a good system to make sure that work in progress is being billed on a regular basis? Do you have a good system to track and collect accounts receivable?
Do you have a program in place to make sure that your lawyers are taking profitable work? Are they required to get retainers? Do you use engagement letters so that clients understand what they will be expected to pay? Do you give budgets to clients and then live by them?
How Urgent is the Need for a Strategic Planning?
Take the firm’s temperature and evaluate how important, how urgent, how relevant and
how significant it is for the firm to engage in strategic planning. Are you tweaking? Are you reformulating? Are you starting from scratch? Do you have a strong foundation? Do you need to lay a new one? Know from where you are starting.
Does the Firm Need Tweaking?
Your approach to strategic planning will differ depending on how much of a significant change and shift your firm needs to undergo. Based on your firm’s survey results and your internal communications, you will learn how much strategic planning is required.
Does the Firm Need Saving?
You may learn (and if your finger is on the pulse of your firm, you likely already knew) that your firm needs saving. If so, then strategic planning can’t wait and can’t be slow walked. The firm has to jump in with both feet and save itself.
SECTION 08 WHAT SHOULD YOUR STRATEGIC PLAN ENCOMPASS
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